The president of the National Guarantee Fund explained that in principle “we assigned a backup capacity of $ 100 billion that may be increased according to demand.”
After the launch of the Young Homeowners program, an initiative focused on giving preferential housing financing conditions to people between the ages of 18 and 28, several state entities joined in supporting the housing plan.
In this sense, the National Guarantee Fund (FNG) announced that those under 28 will be able to access a mortgage loan to fulfill their dream of owning their own home.
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The president of the National Guarantee Fund, Raúl Buitrago Arias, announced that in principle “we assigned a backup capacity of $ 100 billion that could be increased according to demand.”
The official clarified that, by granting a guarantee from the FNG, it is the guarantor of the young family, it improves its profile and that service does not represent a cost for the family.
In the homes of young people between 18 and 28 years old with incomes up to 2 SMLMV (current legal minimum wages), the guarantee supports 70% of the estimated loss of the credit that is claimed and has a 100% subsidy to the commission that will be assumed by the National Government, specifies the entity.
The National Guarantee Fund recalls that the Young Homeowners program designed by the National Government has four attributes: low rates from 6.8%; financing up to 90% of the value of the home, does not require a guarantor and will have an estimated fee of less than $ 500 thousand per month.
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The report highlights that the maximum value of housing is for 136 million pesos (150 SMLMV) in urban areas with more than one million inhabitants. “With this decision, we accompany the households made up of young people between 18 and 28 years old to fulfill their dream of owning their own home,” said Raúl Buitrago Arias.
